Ineos to cut 60 jobs at Hull plant, blames high energy costs and Chinese imports

(Sharecast News) - Sir Jim Ratcliffe's chemicals firm Ineos said on Tuesday that it plans to cut 60 jobs at its acetyls plant in Hull due to "sky-high" energy costs and anti-competitive trade practices, "as importers 'dump' product into the UK and European markets". Ineos put the cuts - which equate to around 20% of the workforce at the plant - down to "dirt-cheap carbon-heavy" imports from China flooding the market.

"These Chinese products have been blocked from entering the US by effective tariffs but face no trade barriers in the UK or Europe," the company said, as it urged the UK government and European Commission to introduce "urgent" anti-dumping tariffs on Chinese and US importers to protect the chemicals sector.

Ineos warned that unless firm action is taken, more sites will close and thousands more jobs will be lost, not only at Hull but across the UK and European chemical industry.

David Brooks, chief executive of Ineos Acetyls, said: "This is a very difficult time for everyone at the Hull facility. We have a leading-edge, efficient and well-invested site and the team here is highly skilled, professional, and dedicated.

"Making the decision to cut 60 roles was not taken lightly. We have explored every possible alternative but in the face of sustained pressure from energy costs, combined with unfairly low-cost imports into the UK and Europe, we've been left with no other choice. Our priority now is to support those affected and protect the long-term future of the site."